You've definitely come to the right place to build connections and learn, but you want to pair these forums, books, and podcasts with in-person real estate investing meetups in your area.

If you want to remain friendly with the neighbor, I'd suggest checking out his unit and then running water all over the shower walls and putting some water on the floor around the shower/tub "pan" and around the toilet.

So that's another layer between you and getting your money back and/or paid.  

They are still a risk, and I would not rent to them.

We used a service and a proven letter, I mailed every month for 6 months, actually alternating 500 every two weeks, so I had more time to follow up with the usually 30-ish responses. 

I'm curious as well and would love to see what you figure. 

I buy them used and they offer a very good return with the income stream. 

Yep - your lender will be using an undisclosed debt notification service until after the loan closes.

On the other hand, it appears you are using them as a GC. 

I reside in NC and the property is in NJ.